Panorama Cotton

This achievement, along with the rest of the "aced" achievements are awarded for finishing each level in Challenge mode without losing all your lives. You can't use any cheats or rewind in this mode. You can set the game to Easy and 6 lives in the in-game settings before you start the run. This is the only "hard" achievement in the game. If you played Cotton 100% in Challenge mode this one is much easier overall IMO but it is also much easier to lose all your lives quickly. Unlike in Cotton 100% you will constantly get additional lives both during gameplay and at the end of levels. While you can get through most of the levels without a scratch there are parts you can lose several lives in a row, so don't feel content because you accumulated a large surplus. I would heavily advise to complete Standard mode before attempting this.
Shoot (keep the overheating option off in the main emulator or you can't just hold it down all the time, this is the biggest help!)
Use Magic
Change flying gears (game speed)
The game plays like a Space Harrier clone, you'll see your character from behind while numerous enemies, projectiles and obstacles are racing towards you through the level. You can destroy most of these by shooting, but even on easy the number of hits you'll need to destroy the individual enemies may vary from one to several. As something gets closer it gets bigger and if it passes you then you are safe from it. At certain points of the levels enemies may come from behind you (no way to avoid them other than knowing it beforehand and moving your character to an empty space) but thankfully there are just a few instances of these. Sometimes you will encounter invulnerable obstacles or enemies, you will know this if you hear a specific noise as your bullets ricochet off them. You must avoid these if you don't want to get damaged.

The default way to deal with most situations in the game is constantly circling around the gameplay area, either clockwise or counter clockwise (while shooting). Depending on the situation you may need to do smaller circles on parts of the screen or large circles all around. Some enemies may be so stationary it is best to dispatch them by stopping in front of them for a few seconds. In my opinion the game is easiest to play in the default gear (speed) as it makes circling easier. But feel free to experiment with the gears. The only exception is the final boss who is running away from you (right after the boxing kangaroo). You MUST switch into the third gear (fastest) or you won't be able to hit him after a while! Unlike in the first game, Magic feels extremely underwhelming in this. I tried to use it but didn't feel like it is doing much. On Easy, you default weapon is more than enough to progress. If, for some reason you want to play the game as it was originally intended you can turn on the overheating (in the main emulator menu). Then You can only hold your shoot button for four seconds (your fairy companion will get restless) before you'll need to let it go a bit to cool down. If you keep holding it you will shoot fewer bullets.

Some notes for the levels. Since the game is so chaotic I can't point out of bonus magic and lives pickups. You will get most of them by playing normally.
STAGE1: The clapping stone hands are there to teach you, you are not always forced into harms way. Many times you can avoid the obstacles by flying high if you are not sure you can take them. After you enter the waterfall and the long corridor a bunch of enemies will run from behind you, stay in the center. On the corridor you can duck into black holes at the bottom or the top from time to time. These lead to the harder version of the corridor. I would heavily advise to not take these routes! On the normal route the tile obstacles always move to the next empty space as you will get closer. Unlike in the first game Tea Time won't give you a bigger bonus for avoiding it.
STAGE2: You can avoid the moving fence by flying high but like the tiles on the first level, it always moves to the opposite side where it was. Enemies come from behind at the bottom after a while. At the electric mines, the safest way is to fly high and either shoot the ones that are too high or move left and right to dodge them. I don't know how to get to the harder version of the level so you are probably safe.
STAGE3: You will constantly need to watch out for invincible columns and very resistant candles. I got onto the hard version of the level by accident one time, I think there is even a slightly harder too. I lost 5 health there, try to avoid it. The easiest is when the game keeps throwing the rock/paper/scissor enemy at you. It probably has to do something with beating him enough times.
STAGE4: If you take too long the stone pillar in the background crashes on its own. Otherwise simple level.
STAGE5: Try to hit the purple falling enemies on their way down because it is much harder to take them out afterwards. Since there are no other enemies around, you should be able to line up the shots. When you chase the boss outside enemies will come behind you at the bottom. When you go through the clouds just stay at the center and blast away. One of the few instances where moving gets you damaged. Don't forget to switch into third gear when you chase the final boss among the white buttons(?)!